From: webmaster@mutualfundproxyvotes.com
Sent: Sunday, October 27, 2002 5:08 PM
To: rule-comments@sec.gov
Subject: File No. S7-36-02
The following information was submitted from www.mutualfundproxyvotes.com on 10/27/02:
Email submission:
Dear SEC Secretary,
I support the SEC's proposed rule to require mutual fund companies to disclose how
they vote on corporate proxy resolutions; and, if anything, want the SEC to go for
an even stronger rule. As an investor in both stocks and mutual funds I depend on
the SEC to assure me the information which (in the final analysis) marks the difference
between free markets and phony markets.
Recent corporate scandals threaten our capitalism and surely prove corporate
America's desperate need greater transparency, responsibility and accountability.
I have read that mutual funds, which represent about 90 million Americans, account
for 20 percent of proxy votes at corporate shareholder meetings. Those votes,
scrupulously cast and disclosed to those of us who own the mutual funds, should
guide investors and managements alike -- pushing for better accountability and
insisting on more responsible behavior on the part of publicly traded companies.
In the absence of public disclosure of proxy policies and proxy voting records,
there is no way for me to know whether the manager of my mutual fund is acting
in a manner that reflects my wishes. As a mutual fund shareholder, I want to
know how my mutual fund is voting on issues related to executive pay, board
make-up and independence, and other issues that matter to me. I want potential
conflicts of interest exposed. I want to know what principles will guide the
mutual fund in determining how it votes in corporate proxy contests.
I believe that as an owner of a mutual fund, I am entitled to know how my proxy
is being voted. I urge the SEC to stand up for investors and for corporate
accountability and to vote in favor of the proposed proxy voting rule.
I also support the proposal that the SEC establish a pilot, electronic program
covering, say, the 100 largest mutual funds which would let me and all other
investor see how each fund had voted its proxies on basic corporate governance
and responsibility issues. By such a program the SEC could give us a real-time
sense of what is going on. Transparency would probably bust up cozy relationships
which may contaminate and frustrate capitalist potential for America today.
Please act firmly. Don't let timidity or delay or the search an absolutely
perfect answer make a big meltdown more and more likely. It will be MUCH
harder to put it all back together again. I will turn 70 next year and cannot
afford to wait for studies or other delays.
Faithfully, David J. Bardin
Email Address:
BardinD@arentfox.com
Name:
David Bardin
Mailing Address:
4701 Connecticut Avenue, NW
Unit #501
Washington, DC
20008
Title:
citizen investor
Organization:
individual citizen
Would you like to be contacted?
Yes, contact me